Private, bilateral creditors for Ghana must commit to comparable debt treatments – IMF

Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, has endorsed the call by the Official Creditor Committee for Ghana urging private creditors and other official bilateral creditors to commit to comparable debt treatments.

She claims that the action is essential to granting Ghana's request for a scheme to restore macroeconomic stability.

In a statement issued on the IMF’s website in reaction to the Creditor Committee granting financing assurances to Ghana under G20 Common Framework for Debt Treatments, Kristalina Georgieva said move signals further progress which is being made by Ghana and the creditors.

“I welcome the statement from the Official Creditor Committee for Ghana on the importance of an IMF-supported economic program, together with its commitment to negotiate debt restructuring terms accordingly."

This statement provides the necessary financing assurances for the IMF Executive Board to consider the proposed Fund-supported program and unlock much needed financing from Ghana’s development partners. I also strongly endorse the call by the Official Creditor Committee for private creditors and other official bilateral creditors to commit to comparable debt treatments," the IMF boss said.

She continued, “the Creditor Committee’s action recognizes the Ghanaian authorities’ strong reform program, which aims to restore macroeconomic stability and debt sustainability while laying the foundation for an inclusive recovery.

It also signals that further progress is being made under the G20 Common Framework, demonstrating that international partners are ready to work together to help countries resolve their debt issues. This is vital to enable countries such as Ghana achieve sustainable growth and poverty reduction,” Kristalina Georgieva concluded.

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